Lightbridge Announces U.S. Department of Energy Award to Texas A&M University to Study Fuel Performance of Lightbridge Fuel in a NuScale SMR
July 06 2023 - 1:13PM
Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel
technology company, today announced that Texas A&M University
(“TAMU”) has been awarded approximately $1,000,000 by the U.S.
Department of Energy’s (“DOE”) Nuclear Energy University Program
R&D Awards to study the deployment of advanced nuclear fuels in
Small Modular Reactors. The project will be conducted over three
years and will be funded in its entirety by the DOE, with the goal
of bringing collaborative teams together to solve complex problems
to advance nuclear technology and understanding. The study will
consist of a comprehensive characterization of the performance of
Lightbridge Fuel™ inside a small modular reactor (“SMR”) designed
by industry leader NuScale Power (NYSE: SMR). Structural Integrity
Associates (“SI”) will perform the thermal evaluation of
Lightbridge Fuel in the SMR using its PEGASUS simulation software,
a next generation fuel evaluation and design optimization tool. The
study will generate unique sets of experimental data of friction
factor, flow, and heat transfer behavior under normal and
off-normal conditions. An abstract of the study can be found here:
https://neup.inl.gov/FY23%20Abstracts/CFA-23-29356_TechnicalAbstract_2023CFATechnicalAbstractCFA-23-29356.pdf.
Prof. Yassin A. Hassan, Principal Investigator
of the study and Director of the Center for Advanced Small Modular
and Micro Nuclear Reactors (CASMR) at Texas A&M University,
commented, “The Center is excited for this opportunity to
collaborate with industry leaders Lightbridge, NuScale Power and
Structural Integrity Associates. This award brings together the
unique expertise of academia and industry to enable significant
advancement in the commercialization path for next-generation
nuclear fuels. This collaboration marks an exciting opportunity to
make substantial progress in the future of nuclear energy.”
José N. Reyes, Ph.D., Co-founder and Chief
Technology Officer of NuScale Power commented, “NuScale is pleased
to work with Texas A&M University and Structural Integrity
Associates to assess the performance of Lightbridge’s highly
advanced fuel in our groundbreaking small modular reactor. Highly
efficient fuel performance benefits not only our customers, but
also the environment. Additionally, it further enhances the
flexibility and reliability of our industrial applications such as
high temperature process heat and hydrogen production.”
Tony Robinson, Chief Nuclear Officer, Structural
Integrity Associates, Inc., commented, “Putting our PEGASUS
technology to work in collaboration with the Center for Advanced
Small Modular and Micro Nuclear Reactors (CASMR) at Texas A&M
University, Lightbridge Corporation, and NuScale Power is an
exciting opportunity for us. This group of innovators represents
the forefront of nuclear technology development and exemplifies how
cooperative research between government, academia, and industry
helps to move the entire industry forward. The experiment will not
only provide critical data for advanced fuel technology deployed in
a leading SMR design, but it is also a great example of how
combining innovative experimental work with cutting-edge simulation
and modeling is critical in crafting the future of nuclear power.
We are proud to be a part of this important project.”
Seth Grae, President and CEO of Lightbridge
stated, “We are pleased to be working with Texas A&M
University, NuScale Power, and Structural Integrity Associates on
this important study. Texas A&M is a world-renowned leader in
nuclear engineering education, NuScale is a global leader in
developing SMRs, and Structural Integrity Associates is a leading
provider of specialty engineering services in the power and utility
industry. We are confident that they will provide the expertise and
resources necessary to make this project a success. We greatly
appreciate the support from DOE for this important research and
experimental work. We believe that this project will provide
valuable insights into the performance of Lightbridge Fuel™ in
NuScale SMRs and will help to pave the way for the widespread
adoption of this next-generation nuclear fuel technology.”
About Lightbridge
CorporationLightbridge Corporation (NASDAQ: LTBR) is
focused on developing advanced nuclear fuel technology essential
for delivering abundant, zero-emission, clean energy and providing
energy security to the world. The Company is developing Lightbridge
Fuel™, a proprietary next-generation nuclear fuel technology for
existing light water reactors and pressurized heavy water reactors,
significantly enhancing reactor safety, economics, and
proliferation resistance. The Company is also developing
Lightbridge Fuel for new Small Modular Reactors (SMRs) to bring the
same benefits plus load-following with renewables on a zero-carbon
electric grid.
Lightbridge has secured a long-term strategic
partnership with Idaho National Laboratory (INL), the United
States' lead nuclear energy research and development laboratory, in
collaboration with the U.S. Department of Energy (DOE). DOE’s
Gateway for Accelerated Innovation in Nuclear (GAIN) program has
twice awarded Lightbridge to support the development of Lightbridge
Fuel. Lightbridge is participating in two university-led studies
through the DOE Nuclear Energy University Program at Massachusetts
Institute of Technology and Texas A&M University. An extensive
worldwide patent portfolio backs Lightbridge’s innovative fuel
technology. Lightbridge is included in the Russell Microcap® Index.
For more information, please visit www.ltbridge.com.
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Forward Looking Statements
With the exception of historical matters, the
matters discussed herein are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements regarding the anticipated benefits of
Lightbridge Fuel™ in SMRs and the outcomes of the study. These
statements are based on current expectations on the date of this
news release and involve a number of risks and uncertainties that
may cause actual results to differ significantly from such
estimates. The risks include, but are not limited to: the Company’s
ability to commercialize its nuclear fuel technology; the degree of
market adoption of the Company's product and service offerings; the
Company’s ability to fund general corporate overhead and outside
research and development costs; market competition; our ability to
attract and retain qualified employees; dependence on strategic
partners; demand for fuel for nuclear reactors; the Company's
ability to manage its business effectively in a rapidly evolving
market; the availability of nuclear test reactors and the risks
associated with unexpected changes in the Company’s fuel
development timeline; the increased costs associated with
metallization of our nuclear fuel; public perception of nuclear
energy generally; changes in the political environment; risks
associated with war in Europe; changes in the laws, rules and
regulations governing the Company’s business; development and
utilization of, and challenges to, our intellectual property; risks
associated with potential shareholder activism; potential and
contingent liabilities; as well as other factors described in
Lightbridge's filings with the Securities and Exchange Commission.
Lightbridge does not assume any obligation to update or revise any
such forward-looking statements, whether as the result of new
developments or otherwise, except as required by law. Readers are
cautioned not to put undue reliance on forward-looking
statements.
A further description of risks and uncertainties
can be found in Lightbridge’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2022, and in its other filings with
the Securities and Exchange Commission, including in the sections
thereof captioned “Risk Factors” and “Forward-Looking Statements”,
all of which are available at http://www.sec.gov/ and
www.ltbridge.com.
Investor Relations Contact:Matthew Abenante,
IRCDirector of Investor Relations Tel: +1 (347) 947-2093
ir@ltbridge.com
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